TAX ADVANTAGED PLANS
Health Savings Accounts (HSA) The College offers an HSA paired with the High Deductible Health Plan (HDHP). HealthEquity is the administrator of the HSA plan. This will allow employees to make tax-free contributions to a federally insured savings account. An HSA can empower you to maximize savings while building a reserve for the future. This account is not a spending account, but is a savings account that can continue to grow for many years. With an HSA, the employee owns the account and the contributions. Unlike FSAs, the entire HSA balance rolls over each year and remains yours even if you change health plans, retire or leave the College. Employees may only participate in the HSA by enrolling in the High Deductible Health Plan (HDHP). Funds in the HSA account are available as the employee makes their contributions. For plan year 2022, the College and the FCSRMC will make additional contributions into employees’ HSA accounts (see table below).
Employee Contribution
Employee Only
FCSRMC Contribution
FSCJ Contribution
OOP Deductible Cost to Employee
Employee Deductible
$500
$1,500
$1,750
$0
Employee + 1
$1,000
$1,500
$3,500
$1,000
Employee + Family
$1,500
$1,500
$3,500
$500
FSCJ Contribution Prorated Funding Table FSCJ Contribution
Employee
January - March $1,500
April - June $1,125
October December
July - September $750
$375
FCSRMC Contribution Prorated Funding Table FCSRMC Contribution
Employee Only
January - March
April - June
July - September
October December
$500
$375
$250
$125
Employee + 1
$1,000
$750
$500
$250
Employee + 2
$1,500
$1,125
$750
$375
To take full advantage of tax savings and to build a reserve for the future, it is suggested that you maximize your contributions as set by the IRS. For 2022, the maximum contribution amount is $3,650 for individual and $7,300 for family. At age 55, an additional $1,000 is allowed annually. The contribution maximum includes Employer contributions.
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